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Market InsightsThe Global Smart Water Management Market is expected to reach US$ 29.8 bn by 2023, growing with a high CAGR during the forecast period. The market is witnessing growth due to inefficient water management in urban areas and aging water infrastructure. In addition to these, development of smart irrigation practices will increase the demand for smart water management in the coming years. Various opportunities such as development in water conservation schemes and growing support from government are further accelerating the growth of the market during the forecast period.
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The Smart Water Management Market is witnessing technological advancements. The increasing adoption of information and communication technologies (ICT) and real-time data generation by water and wastewater management industries for enhancing the process transformation, are expected to accelerate the growth of the smart water management market during the forecast period.
Smart water management primarily focuses on advanced information technology to reduce expenses, loss of water, and carbon footprint, in order to increase the operational efficiency. Moreover, the implementation of smart monitoring technologies and the Internet of Things-based technology that is being used to examine water treatment system and control water management in real-time, is further expected to foster the market demand over the coming years.
Recent News:
• In 2016, IBM, and IT company has set up Intelligent Operations Center (IOC) for enhancing the efficiency of critical infrastructure and utilities. In this project, smart water management primarily relied on manual intelligence.
• In 2016, Optiqua Technologies Pvt. Ltd., a biotechnology company has entered into a partnership with Shandong provincial water and waste water monitoring center. This water quality partnership will help in developing an integrated water quality management system.
Key Players Analysis:
The key players operating in the global smart water management market includes IBM Corp., ET Water Systems LLC, Schneider Electric SA, Evoqua Water Technologies, i2O Water Ltd., Honeywell International Inc., TaKaDu Ltd., General Electric Co., and others. The players are adopting various strategies such as mergers & acquisitions, partnerships & collaborations, product developments and others, in order to be competitive in the Smart Water Management market.
For instance, in 2016, Honeywell, a U.S. multinational company, has acquired Elster Group from Melrose industries, a London-based industrial investor, for approximately 45 billion. This acquisition will help Honeywell to access Elster Group’s metering technology and customers in the highly regulated heating, controls, and metering industries, including smart meters and data analytics.
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Smart Water Management Market Dynamics
The major factors responsible for the smart water management market growth are changes in regulatory compliance, technological advancements, and rising awareness about the sustainable use of energy resources. The implementation of advanced technologies has reduced the water wastage due to the implementation of smart monitoring that is based on internet of things technology, and is used in analyzing the water treatment system and control water management based on real-time. The increasing use of supervisory control and data acquisition solution is another key factor that is driving this market. It enables quality decision-making and reduces the energy cost in pumping water through distribution networks. Smart water management also implements advance analytic solutions for the improvement of infrastructure and operations.
The global smart water management market is witnessing growth due to the enhancement of utility facility that will accelerate the growth of the market over the coming years. In addition to this, the sustainable use of energy resources and regulatory compliances are anticipated to accelerate the market growth. However, lack of expertise and the high initial investment required can hamper the growth of the market during the forecast period. The enhancement in utility facility and an increasing awareness about water management are estimated to offer potential growth opportunities for the market players.
Key Questions answered
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the Smart Water Management market?
• What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
• Who are the key Smart Water Management market players and their key competitors?
• Who are the key Smart Water Management market players at different stages of the value chain?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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